Industry & Business

NTR first half profit of €72.6m soars after sale of US wind unit

NTR first half profit of €72.6m soars after sale of US wind unit

NTR first half profit of €72.6m soars after sale of US wind unit
November 26
12:42 2015

NTR plc reported a profit of €72.6 million for the first half of the 2016 financial year as part of its final results announcement prior to a demerger of the Group, which take place yesterday.

The profit is principally due to the gain achieved on the sale of the assets of Wind Capital Group completed in May, together with a foreign exchange gain on a deferred payment for the prior sale of a US wind project (“Osage”) and six weeks of trading by the US wind business up to May 2015.

Shareholders’ funds increased by 29% over the previous six months from €175.4 million to €226.6 million and total assets as at 30 September 2015 stood at €280.8 million comprising a mixture of cash and investments in European wind projects.

Cash reserves as at 30 September 2015 were €177.1 million which have since been augmented by the early receipt of US$20 million (€18.1 million) relating to the prior sale of the Group’s US waste recycling business in 2013.

Under the re-organisation, the company’s toll roads and waste water businesses will be transferred to a new holding company, to be known as Altas Investments. The new wind energy vehicle, meanwhile, will retain the name NTR.

Some €219.1 million of cash and wind project assets are being transferred as part of the demerger, enabling a share redemption of €2.25 per share to be presented to all shareholders by the demerged company.

Reporting on the results, Chief Executive Officer, Rosheen McGuckian said; “We are pleased to report a very healthy profit for the Group and to be in a position to present shareholders with the opportunity to avail of the share redemption of €2.25 per share, while ensuring that Altas Investments plc is put on a sound financial footing prior to the demerger.  The NTR executives will now move with the demerged business (“demerged NTR”) and continue with our plans to acquire, build and operate wind projects across Ireland and the UK.”

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